Little Bit of Everything

hi this is charles hoskinson broadcasting live from warm sunny colorado always warm always sunny sometimes colorado today is december 31st 2021 it is the final day of the year so i will see everybody next year because well today is the last day right it's been a hell of a year we released a lot of content the last week kind of recapping all the progress that's been made with cardano my own company and our affiliated projects and community-based projects it's pretty amazing actually if you take a look at all of it it's been a pretty exciting time i've gone everywhere this year from el salvador to africa we've had a fun it's been challenging learned a lot first year i've ever stayed silent for an entire week in a meditation retreat and obviously we achieved a lot of things it seems we live in a parallel reality at times where there's what we actually experience and do and then there's what people write about and say and sometimes those overlap and other times they don't but it doesn't actually matter because we have this medium the ama we have this medium youtube we have the medium of social media stuff always floats through and people know what's going on 120 000 people attended the cardano summit and people got to see the best of the ecosystem we have all these wonderful daps that the ecosystem is building that are under construction sunday is pretty much imminent so just in time for the christmas season not too far off it's been a year marked with some tragedy a lot of good people died 2-2 i just found out today that betty white died 90 years of television and radio my lord imagine that 90 years i think she was born in the 20s think about how long ago that was almost live to a hundred actually she was just about to celebrate her 100th birthday next month and she i remember as a kid growing up in hawaii watching her on the golden girls 1985-1992 is one that was on now i was i wasn't young enough there was the mary tyler moore show i think in the 70s that made her famous and every now and then i'd catch a rerun of it hawaii's kind of time warped it's stuff that hawaii experiences are about 10 20 years behind the curve so i actually watched a lot of reruns of i dream of genie and bewitched in other shows so my cultural references were there the same was lost in space i was kind of stuck there stuck with my mom's music so i grew up with journey in boston and these other bands but betty white was a mainstay a little rose and i remember her on boston legal and other things just sad to see her go i mean she lived a long happy life died at 99 and no one really can complain about that had good health throughout most of your life that's fine but it seems we live in an age right now where a lot of people are disappearing bob malone he was banned from twitter a guy created the rna vaccine because he's spreading apparently misinformation about rna vaccines it's a crazy time it's an absolute crazy time facts don't seem like facts anymore truth who the hell knows i bought a book on truth from alex and john burgess out of princeton and talks about how actually truth is a hard concept but now we live in a world where arbitrary groups of people get to be fact checkers and decide what's legitimate and no matter how many times they turn out to be hypocritical conflicted or lie i guess they get away with it because that's where we're at we see this a lot in cryptocurrency space in particular with government perception of cryptocurrencies we're out here trying to change everything we're not the people who charge 85 interest for loans we're not the people that launder money for drug lords we're not the people that start wars we're not the people that sanction countries causing catastrophic harm to children we're not the people that do any of these things and the vast majority of financial crimes are committed with people using the good old-fashioned dollar many cases cash but yet somehow crypto is the evil thing and must be destroyed it's sad it really is and so there's a lot of good and there's a lot of bad everything's in the middle and all this meditation mindfulness all these things give you resilience to be able to just focus on the day-to-day get things done 2022 is going to be a really interesting year it's hard to say if we're going to have as much growth this year upcoming year as we did in 2021 as an industry i mean it's hard to argue with the two and a half trillion dollar industry and imagine where that's going to go i think we're just going to digest as an industry the consequences for better or worse of becoming so big so quickly a lot of education a lot of tools a lot of consumer experiences need to be built and a lot of hard work needs to be done to enable the future that we keep preaching as an industry a lot of good people have entered the space some good people have left and new people will come in it's going to be an interesting time and there's probably going to be a lot of regulatory events especially in the d5 side that's the post ico mania 2017 we had ico mania and then 2018 2019 crack down on those things so similarly we had d5 mania and nft meeting in 2021 and we're probably going to see that regulatory stuff start hitting in 2022 leading into 2023. probably have a resolution of the ripple case as well right now it looks they're probably going to win it ripple but who the hell knows any given judge and it's sad the entire industry has to wait with baited breath about that so lots ups lots of downs big election coming in november currently the politics are that a red wave will probably hit which means there's going to be deadlock in gridlock until 2024 and then it's anybody's guess of what's going to happen there depends on who runs and it's too far out to know but that means that we're not going to get any leadership or clarity likely from washington just more uncertainty more events and more double speak more we're here to help but we're here to stab you in the back at the same time so we as an industry just have to work together to kind of get through it on the other hand i think the majority of americans are starting and for that matter the world to wake up to a new way of doing things we're starting to just move beyond the institutions of the past they've lost so much legitimacy in the last few years so much hypocrisy and cynicism and deceit that people are just saying we're opting out now very few people actually watch cnn or fox news or any of these other platforms if you look at the ratings and numbers they fall every year pretty ubiquitously meanwhile there's a huge uptick in people consuming the dark web the intellectual dark web from the weinsteins to the rogans to the freedmen's to the harrises they're the new wave and there's an overwhelming amount of alternative news cycles and new alternative news that people are consuming new philosophies which why jordan peterson's so popular that's why this woke stuff is so popular it's why the singularity stuff and data is so popular that's coming and so 2022 is just more of that alongside construction of new worlds people are getting so tired of the world that we're in they're actively trying to construct a new one it's called the metaverse and so there's enormous progress i'll be at ces january 5th to 8th just running around and taking a look at the 2100 exhibitors there and a lot of them are vr and ar and ai and it's going to be exciting to see the latest and greatest technology but it's all directed towards this idea of something different and something beyond the altered state economy continues to grow everybody's selling something to get you out of where we're at today in large part because a lot of people aren't happy with where they're at today and why should they be there's a lot of beauty in this world a lot of magic in this world but there's a lot of things that need to change and i for one i'm getting pretty tired of it and i think you guys are too and i'm getting tired of the cynicism i'm getting tired of people saying that's just the way it is shut up and deal with it for example we all just mock the government say oh that's just the way the u.s government works or our government works accept it why why why do why do we accept that why do we put up with it why do we tolerate it for two years now i've been dealing with these mask mandates and before you have an immediate propagandized visceral reaction to those mandates honestly think it through and ask yourself the circumstances and conditions many of these things are embedded within there's a restaurant here in longmont you literally walk 10 feet from the door to your seat 10 feet densely packed so apparently it's safe for really promoting public health having as we enter the restaurant put on something walk 10 feet sit down take it off and then everybody else sits there that's public health you really believe that you really believe that what science is that based on but we just accept it just where we're at and compound that with how many other arbitrary things have been said and done and how much violent speech is used on people if they don't comply and how many other areas of life this has been pushed into it's extraordinary to me and that's being done across everything our language and vocabulary our education system not just in this particular issue of covet but across the board and people are pretty tired of it honestly they really are and our entire industry is starting to opt out it's creating parallel economies parallel way of living parallel way of doing things different information sources different notions of truth and legitimacy different notions of credentials well everything you can imagine is just moving in that particular direction because the people were in charge they lost the moral mandate to be in charge so 2022 unfortunately is going to see more of that division in my view more of the tone deafness more of the lies more of the deceit but it's also going to see more progress on the reinvention in my view of society a lot of competing philosophies anytime you change the rules everything is up for grabs you can go any direction you can become a theocracy a plutocracy a meritocracy you can become a different form of democracy a socialist democracy you could become a communist state you can become fascists everything is up for grabs from how we buy stuff to where the value of our money comes from to the meaning of life itself it's all there i mentioned these things at time to time in my podcasts and in amas and other places and i get accused of being a cult leader and the people who hate cardano they hate it so viscerally they can't acknowledge that we've made any progress whatsoever they can't acknowledge that anything materially good has been done or built and achieved so therefore only paradoxically by the way because of their statements the profound brilliancing charisma of the founder does the value flow from but at the same time he's also incompetent and can't do anything and is the worst human being alive can't run any business so so machiavellian can overtake the whims and wills of millions of people but yet so incompetent can't run a taco stand this is where we're at but why am i called a cult leader because i show up every week usually and say hey this is what i think this is what i see this is what's happening around me this is what i notice in society i'm not saying anything you guys haven't seen noticed in society or felt deep down inside i see the propaganda and i see the the effects of propaganda on people yesterday my own community an electrical fire in a field created a massive wildfire the marshall flower 580 buildings burnt to the ground from a hotel to a suburban footprint and i i grew up in that area grew up in broomfield right next to superior lewisville area used to go there all the time the very air with that target burnt and that hotel burnt there's a buffalo wild wings there i used to eat at an old chicago right across the street from it you see that get the media meet me chicago deep dish pizza been to some of those houses burned down 580 of them and there was just so much sadness that flooded me when i saw that because i said my god five days from christmas people had just finished celebrating their lights are still up probably you haven't even taken out all the garbage yet all the gifts they're just trying to get their family back home cleaning things and figuring out okay what am i going to do in january getting ready for the new year deciding if they're going to a party or not and then all of a sudden the middle of the day their house is destroyed they go from wow that was interesting holiday season to i'm homeless you can't replace a lot of that with money if you have some painting that's handed down generation by generation something from grandma she's been dead for 20 years how does the insurance check make any of that come back so i tweet something i say our thoughts and prayers and you read the tweet you get four or five people commenting on politics saying well how come you didn't tweet about the people in california when there was a wildfire there because you're an evil republican they say these things because they've been propagandized to a point where every single thing is us versus them political there is nothing anymore that's not political there is nothing in society that hasn't been touched in some way by this sickness of division and radicalization and at some point it'll break it has to because you just can't go through life angry at everything can you imagine that every single thing you're standing in line waiting for your coffee and then you see something that triggers you politically and it's just angry you get your coffee and then you go somewhere else next door you get into your car and then you see something else it makes you so angry every minute of every day angry about something and you ask why are you so angry where does all the rage come from why are you so blindly obedient to a particular set of thoughts and ideologies and hate another set of ideologies and thoughts so much and did you come up with that yourself or did something implant that within you either mass media and a doctrineized education whatever the hell it is it's not getting better because people aren't taking that step back and asking that very foundational fundamental question that's simple and from time to time i do and the only response the critics of our projects can have is i'm a cult leader for this just for asking why why do we do that for example silicon valley has this bizarre mantra of move fast and break things first the market is always right regardless if they're wrong it's weird i'm sorry there's a world of difference between a social media application where the consequences of failure are that you don't get your picture in 15 seconds you have to wait 30 and an application that if it fails you die they're both software but god they're really different aren't they and we're talking about social protocols financial protocols that will control the future of your financial life and i'm told that the only way to succeed is to rush the market do it half-ass get a network effect fix it later 10.5 this year billion dollars according to the block a report that they published for losses stolen embezzled hacked this year in the d5 space as a direct result of that move fast and break things mentality tell ask yourself does that help or hinder our industry does that help or hinder adoption if you're one of the people on the losing side that just been completely wiped out you've lost your life savings do you just wake up and say boy i can't wait to tell all my friends and family about cryptocurrencies and how wonderful they are and how they destroyed my entire financial life but they're going to liberate you yeah it's going to be great and they say well but you have to do this because you have to make as much money as quickly as possible so let me get this straight you're selling that crypto is the future that's why people should buy but your goal is to be first to market so your token price goes way up so that you can sell at the top and then run away and leave junk in someone else's hand to a legacy currency that's dying 20 inflation this year and you're an adherent to the true philosophy of decentralization and cryptocurrencies and that's the philosophy we should adopt challenge it right it makes no sense to me slow methodical really think through what you're doing and ask yourself am i okay with the trade-offs and consequences and do i fully understand the ramifications the ethics of the things that we do basic right yet that's wrong according to the valley that's why novogratz has has 20 good men that tell him that cardano is nothing that's why vcs don't even actually understand that cardano has a community they think it's just me behind a microphone this this somehow some way is valuable but who knows it's a mystery it's a mystery box and that's where we're at in a certain circles but what gives me hope is the fact that so many aren't there so many have moved beyond that i'm right now designing a clinic with my dad brother which is yeah by the way if you ever have a chance to work with your father and your brother your family and a real productive project take it it's one of the most magical rewarding experiences you can have it's so invigorating you get to create with people that you grew up with so anyway we're talking about the future of medicine how to actually do wellness and we're going over everything how to improve the microbiome we're talking about all the amazing advancements in neural performance from neural meditation to photobiomodulation looking at things like neural feedback hyperbaric therapies i mean it's incredible the swiss army knife of stuff you can sequence the entire human genome for about a thousand bucks used to be three billion dollars when i was growing up and i'm not that old thousand dollars for the microbiome there's a company called viom they can actually take the genetic samples of all from a stool sample of all your microbiome and actually give you customized personalized probiotics it's just crazy the kind of stuff that you can accomplish and do at a fairly low cost they have continuous glucose monitors you just click it on your arm it tells your glucose levels throughout the whole day wow it's amazing putting all these pieces together and asking what should health and wellness and primary care look like in the 21st century and how do you put that into a clone serious model that also can help the poor and you can balance those two things one subsidizes the other and the economics are great even though it's lower cost than the way we do things right now in the transactional rvu chasing model in the united states which is broken as hell it's great to do that it's invigorating to do that but it makes me sad that a 34 year old entrepreneur who's not a doctor can work with physicians in a short period of time on paper at the very least come up with a system that probably is an order of magnitude better than the system we have that is a product of cynicism and it's a product of nepotism and it's a product of corruption and divergent political interests that we just all seem to accept but we complain about but we never change that's sad that's really sad that has to change and i've been trying to figure out how to do it i tell people my philosophy we build products and services in that direction and a lot of you have adopted these things that are asking fundamental questions but as a society as a whole at some point that has to change at some point we have to change we have to be better a big thing that we've been discussing in the company this year this upcoming year is people have new year's resolutions and i have this goal i have that goal so i grouped him into four categories health happiness performance and growth hhpg four things okay and i really started drilling down into these things what the hell is health what the hell is happiness what the hell is performance what is what does growth mean and it turns out so many people make resolutions so many people commit to things so many people think things but they don't actually ask basic foundational questions what is that like if you go to anybody who meditates they meditate and you ask them what is meditation what's the definition of meditation does anybody know that's an interesting question buddhism i think has been around for 2 600 years and i ruminated on this definition i looked around for a good one i like john cabot zinn's definition it's a long one it says any way in which we engage in systematically regulating our attention and energy thereby influencing possibly transforming the quality of our experience in the service of realizing the full range of our humanity and our relationships to others and the world what the hell does that mean take a lifetime to understand it interesting but every one of those categories health what is good health asking that fundamental foundational question here with the clinic what does it mean to be healthy the allopathic side they come in they got diabetes and all these chronic conditions well manage it better okay i guess that's health but maybe you can prevent the underlying root causes before they're a problem so that they never even develop that condition that's something okay not so healthy myself i'm overweight you guys notice it twitter certainly does i should do something about that but then moving beyond that what else what does it mean to be healthy and how much should you invest in that happiness that's really a combination of meaning and awareness awareness of the world around you and an acceptance of it as it is and letting go and meaning and actually having a purpose in life you have those two things you can endure pretty much anything you get through hell every doctor has to they have to go to medical school you have to go through residency it's not easy it's brutal but they have purpose they have meaning that's what guides them through those hard times okay but what does that really mean and performance there's a whole field sports psychology performance psychology thinks about goal setting smart method for goal setting these things but what the hell does that actually mean what is performance and acceptance relate to performance is it okay to be number two number three in some context you can't be great at everything expertise is a tremendously expensive and time-consuming thing okay and growth yeah we all want to do something i want to learn this new skill i own a blackhawk maybe i learned to fly it i have a path to do that if i want to take a lot of time a lot of effort is that a noble goal we look at growth in terms of the company we say okay we want to hit these kpis and execute on this strategy we have a view of what needs to be done to get cardano to the next level okay great so what do we need to do to make that happen but then personally these things so new year's resolutions it's the 31st all of you are thinking where am i going to be next year and to tell you the difference between a collectivistic and individualistic society how many of your goals you listening are connected to how to make your community this nation your nation your society a better place versus how many of your goals are connected to you your family in your immediate network the people it's not a criticism it's just a question if you think about it i i reflected on that myself looking at all my goals i have so many goals for next year very goal-directed guy very growth directed guy i want to do this i want to do that and i noticed a recurring theme that a lot of it was make the company better do this for the family do this for the house do this for the ranch do this this is this and i said well hang on a second here what about the community as a whole now to be fair there were some i bought my ranch nearby the town of wheatland it's a small town 3 500 people and i said i have moral obligation if i'm going to live in that area make community better so i'm just going to go there and start building businesses and hiring people because the unemployment rate's so damn high in that town so we want to open up over a period of time four restaurants and a taxidermian processing place put some hydroponics in looking at all kinds of different things i can do create 10 jobs here 20 jobs there it's a moral obligation to the town okay do i check the box then or is that the wrong way of thinking about it it's just something you do every day yeah okay that's more of a mindfulness approach loving careness loving caring take care of the people around you but all this cynicism of the way things are the i think wisdom is that they are this way in part because of us our consent our belief and our actions you can complain about how dirty a park is but how many of you take the time to clean up part of it you can complain about how messy the side of a road is but how do you take the time park your car pull out a trash bag and just start putting some things and you say that's not my job but how many things in life if we all just did that a little bit collectively would change the world and then we hold people accountable you say well that's their job but how much did you invest into ensuring that the structures of accountability were set up for success i failed many times in leadership and as a manager it's something you learn and you ruminate on as you get older and you've been a ceo for a while and i've been a ceo in partner whole for almost 10 years now the early days i wasn't so good at it pretty bad at it people write books about it not really that true but they still get made into movies the infinite machine is the first and at least i fare okay in that one god help me on the other ones and i often think about where did i fail as a leader one of the first things i failed at was asking people to do things and putting people in situations where they didn't have the adequate training and skill sets and foundations in order to do it i said well i hired you you had this on your resume you you claimed you could do x but that's a failure just because someone has a degree in x a skill in this or an equivalent experience in your mind do you really know do you really take the time to really think about it if you're going to put lots of stuff on someone do they have the right time management system do they have the right task management system do they really understand how to organize all that and to work with you do they understand how you communicate do they understand when you're you're just being half serious and you're actually wanting them to do something do they get all of those different things if they don't did you invest the time to build up that confidence before you load them up we kind of get this you work at walmart you can't just on the first day the person's there to stock the shelves say here's your pallet go sporting goods and toys good luck everybody you don't hire truck drivers oh well you have a cdl so how to drive one of these things all right here you go here's the booklet good luck figure it all out no you train people right yeah but how often do you think in life and take that beyond that one context and say well the people who govern us what training have they gone through what institutions and structures are in place to help them clean up that park or the sides of those roads this wildfire that just broke out could we have done things differently i don't know and the people accountable for putting it out did they do everything right i have no idea did the system fail us or was this just such a weird act of god we don't know who knows but it's something to think about and that's going back to the root cause of all the problems that we see you see the the the space we're in is as much political and philosophical as it is economic it's quite unfortunate that there are tokens floating around that go way up and way down because they distract people from the core of what our industry is about and always have and always will this has nothing to do with getting rich it has everything to do with the redefinition of wealth and has everything to do with how wealth should be perceived and used in society in the next 20 or 30 years and what is the best set of philosophies to make that better than the one that we inherited as people when you change a system it's not automatically guaranteed that it's going to be better people seem to think new is good old is bad sometimes the traditions of the past keep you out of trouble sometimes the views of the past keep you out of trouble and new could be very damaging if the new people coming in the new philosophies have no context the no understanding of history if they don't have something to back them up they're not built on things from the past they could be completely wrong for example let's say you go to an island and no one there has any knowledge of radiation except for this wise old man he says don't go into the caves and the new people say oh he's just a superstitious old man says bad spirits are there well he was around for the last time people went to the caves and they died you go in the cave it's a new idea where the caves are open now and free superstition has been removed you have to think it through so a lot of new ideas are coming down the pipe about the reimagining and rebuilding of institutions so they have trust and legitimacy some cases they're saying you should have more power other cases they're saying you shouldn't have any power we should take it from you that's the china way social credit for all trust grandpa trust society trust papa state they know best you don't and there's some truth in both sides if no one takes the time to be wise if no one takes the time to invest in themselves and they feel a collective duty and responsibility to their fellow man then they start converging to a society that lacks the basic wisdom empathy and capacity to self-govern yet the opposite is true if people do they need to be free because any other existence would be hell would be akin to living on a prison you see so these are the choices in 2022 that are coming to us and they're not easy every single belief every single thing is going to be harshly examined and really deeply deconstructed and torn apart and change will continue a lot of social change a lot of societal change we're going to have to start being honest as a society i've been told over the last two years that the printing of trillions of dollars of money out of thin air will have no effect on inflation it's going to be temporary at best and then when they're finally starting to get honest they say well no economists saw it seeing i i tweeted that the economist actually tweeted i retweeted them with the quote they tweeted oh no economist saw inflation coming we destroy all our supply chains and we double the money supply and you honestly are going to say with a straight face you didn't see inflation coming so let me get this straight you like smoked every day for 50 years seven packs of cigarettes and you never saw the heart disease and lung cancer coming oh my god wow so surprising it's like come on guys you're going to say that you're going to publish that with the economist as your title with a straight face what any common sense person can say this is this is madness but yet writers are still writing journalists haven't been fired mainstream economics is still a thing still got tenured professors krugman in some bizarre world is still an elite economist listened to by many people referenced on many committees he's got his nobel prize not right about a lot of stuff but okay so that's where we're at at some point we'll probably see the joe rogan podcast get banned de-platformed it's going to happen if this continues and at some point we're going to see the criminalization of speech occur as well at some point the thought police are going to come they already are in many respects and if you violate them you get the platform at best thrown into some sort of camp somewhere at worse don't think that can happen why not what controls in society prevent that from occurring we're all too tolerant of being intolerant we accept that if we don't the speech those people should be removed why not you see and that's the point of immutability and decentralization and these blockchain-based protocols that's what we strive for you cannot trust people you just can't at some point every single person in your life somewhere somehow some way is going to let you down that's basically the closest definition i can think of to being human to disappoint someone else at some point somehow some way it's just the way it is every law every regulation every structure every institution is in some way fallible and flawed for someone now you could have exceptional institutions that on average do pretty well look at airplanes on average they work pretty good 99.9999 that nine goes on for a bit percent of the time you're fine don't even worry about it don't even think about it yet you can go and google air crashes and you can read one after another after another after another you and your lifetime will seldom see another institution field a human endeavor that has as good of a track record of safety and reliability relative to the totality of its engagement than flying yet somehow there are failures and that's a good institution keeps getting better every year so then we look to more fallible institutions more subjective institutions and we expect them to be great no human beings let people down the point of the technology we build is to look at the common reoccurring patterns of where people let people down where people allow their cognitive biases their political biases their philosophical and religious biases get in the way of fairness and rationality and extract them from human judgment economic concerns and put them into a structure that cannot lie it's just going to tell you what it perceives to be true regardless of the context or the convenience or your feelings we don't have that in social settings we have that in science with physics the laws of physics laws of thermal dynamics gravity these things they just apply regardless if they're good for you or not it's just something you accept and it surprises the hell out of people when you bend them even a little bit it's a big deal nobel prizes are made when people find some exceptions here in there in the quantum world or wherever have you and it would be nice to ask the question what can we replicate from that clarity we gain in the social world for the governments we construct and the rights that we have these other things we've tried with constitutions we've tried with checks and balances and the the judiciary right the judges they're supposed to be there but they always get corrupted at the end or the perception of the corruption so that's what we're selling as an industry you notice that while a token may be necessary to decentralize it that is a necessary evil in the sense that it is something to bootstrap and get it where it needs to go and to get it into the hands of the many but that's not the purpose of it any more so than the purpose of a car is just consuming gasoline yes you need it to but you build a car to get somewhere to do something to transport something and the feel is the necessary evil in which you utilize to accommodate that not a means to an end itself so when we ask what is the point of all of this it's saying humans are fallible and thus we need structures and institutions that aren't that are as close to it as we can get so that we can then deploy those structures and institutions in ways to make society a little bit better because here's the reality of insta institutions the more complex life gets the more sophisticated the institutions need to be to accommodate the complexity look at the hospital as the example in the beginning you have the witch doctor the shaman the cleric and they they rub some stuff on you and give you some maggots and cast a magic spell and maybe you get better who knows and then finally we start actually applying some sort of rigor and we exit the heroic era of medicine and then we enter the allopathic era and we use science and we have treatments and cures and procedures that are based on repeatable fact and standardize the training and credential people properly and so forth so you have the doctor are we done no we build collections of them together collections of excellence and then suddenly you have the hospital and the hospital is a very complex place and thus they can do neural surgery there they can do heart surgery there they can literally replace your heart with another heart imagine the pinnacle of skills science art and safety that have to come together for that standard of care to provide that to you and have a reasonable expectation that it's going to work they sure as hell did brain surgery in ancient egypt you can still see the skulls with the holes in them and actually some people survived but how much faith would you have if there wasn't an institution that had a track record of success for these types of things and how fragile is that institution what little has to happen for your trust in your faith in that bastion of complexity and skill to manage those difficult tasks how many accidents how many slip ups how many infections how many incidents before you say oh look at the airline industry you see a plane crash and you're literally tomorrow flying how comfortable would you be getting on the airplane you could look at all the data and the statistics and these other things and say oh wow well it's a good industry overall it's safe overall but you saw with your own two eyes flaming bodies running out [Music] right faith in institutions is a very fragile thing but you need them for complexity in life or else you can't take to the skies and you can't replace a heart and then you look at a government that's orders of magnitude more complex than any hospital in any airline any airplane and very little can destroy your faith in the legitimacy of that government a single event you lost an election that's why it's so incredibly important that we ask ourselves what do we build our institutions upon it's so incredibly important that we take the time to carefully analyze why they go wrong and rebuild that and the people who dare to tell you this get labeled cult leaders the people who dare to tell you these things get called crazy until they're not it's crazy to keep doing the wrong thing it's crazy to keep hurting yourself it's crazy to keep living in a society where every day we're getting more divided less trustful and more angry over everything from the guy in the bagel line to the crazy mandates that are being put on us to the deep platforming it's not making things better it's making things worse that's crazy the people saying we ought to wake up and do things differently they're the only same people and that's our industry in a nutshell they're basically saying wake up do things differently think about the world differently talk differently act differently now there's a lot of arrogance and audacity in saying you can change the world so the first requirement is changing ourselves before you can change others just you see those little things on the little aircraft manuals and they say hey if those oxygen masks come down put your mask on before you help other people why because if you do it the other way around you might not be alive to tell the tale you have to help yourself before you can help others or else you're no good to anybody so you go back to those basic things happiness and health your performance in life how you're going to grow and you have to ask questions like what does this mean why why why you have to be a young child again the beginner's mind a four-year-old why does this happen what does this what color is a shadow basic stuff that little kid will ask and you start thinking you're like that's a good question i don't know you see i don't know these are the musings for the next year it's going to be a fun one ces and all these other things that's hope shows you where you could go and there's going to be a lot of changes with the cryptocurrency space a lot of maturing a lot of adulting some setbacks here and there cardano's incredible hands we have a beautiful roadmap as a collective whole and there's going to be a nice gradual transition to a permanent open source project kind of like linux and joy's and we'll still be around we'll still be building probably have more people working on it at the end of the year than we do at the beginning the difference is that instead of us plus 12 companies working in a somewhat hierarchical way it'll be a lot more of you these open source projects these dapps on cardano they should have their code open at some point i understand if they want to keep it closed for a little while but they should have it open and they should also commit to putting at least one of their developers to contributing to the cardinal protocol because that means something different you say there's 127 daps on cardano and it'll grow it'll be 500 it'll be a thousand because the system will get easier to use that's saying a lot of use and utility great but if you say there's 500 to a thousand and each and every one of them has a social expectation of contributing a developer to the system imagine how much further along we'd be and it actually is a very small resource commitment all things considered for them so that's something we should demand that's something we should think about little stuff like that these are the kinds of conversations the micro summits they're going to start with the dexes and all these other d5 applications there's already a beautiful feedback loop with plutus there's a lot of great stuff happening in the side chains department some people have front run what we're doing and that's phenomenal very proud of dc spark they're doing great work we're really happy actually but yet it only ever means something if we accomplish something great in the long term and we already have and that we built an amazing community together millions of people and that's only going to continue to grow however for me my personal goal i'll keep saying it i said in the ted talk 2014 this is what you're supposed to use this stuff for finally in 2022 all these years later all the ups and downs dealing with ethereum and all that garbage and all the winters and summers and all this other stuff finally in 2022 we get to do that that's going to be the moment of my life that's going to be the high point i don't think you can ever really top that it's going to be fun and exciting and bittersweet it reminds me of when andrew wiles solved vermont's last theorem he said he took a moment and it was so indescribably beautiful and then he was called in sadness because that was a problem that was with him his whole life and now it's gone solved so it's going to be a lot like that in my view because once that's there and that model's proven everybody will pretend they knew it was axiomatic it was foregone and that type of model is just the way things ought to be copy it imitate it and pretend they invented it but it'll get done competition will come and it's going to change the world it's going to bring three billion people who are excluded who don't have economic identity into the ecosystem why because people are humanitarians now these people want to make profit and they say i make this much here i make this much here i'm going to do this you don't get burger kings and mcdonald's and wendy's on the side of the street because people said boy i can't wait to feed the homeless you get them there because somebody did the math and figured out that if they put them there they're going to make a good business out of it so if you can demonstrate to the world at scale an end-to-end circle where by doing direct foreign investment and onboarding people in the developing world is more profitable than onboarding people in the developed world thousands of entrepreneurs will seek that out and do it which means you've attracted an army to go and do it that's how you change everything that's why we have so many cell phone apps that's why we have so many nfts no nobody just woke up and said boy these nft things they're real excited when there wasn't a financial signal for it i remember i was at the wyoming hackathon years ago and there was a kid from consensus and he had a seminar on nfts and this was years before anybody cared about them so kudos to consensus for the prescience nobody attended there's like five people in the audience about nfts like yeah what is this non-fungible token bull hui about now at ces there's like three nft things there at ces the consumer electronics expo it's like everything four billion dollars a month everybody's got an nft fund why because people are getting rich and then they're all flooding on it and now if it's going to sustain itself in my view it'll move into the metaverse okay but we'll see it's about that economic signal that commercial signal so that's been the white whale that's been the thing i've been chasing for almost a decade of my life and next year we have a damn good shot at getting it done and all the pieces are there the peer-to-peer jed the staple coin all the relationships four years running around africa to get them right need an identity system for credit scoring we have deads we have prism need a platform a settlement system you need smart contracts gogen's out cardano is at scale you need a large community to draw from to do that circle you're here that's a good moment i'm really looking forward to that it's going to be something magical for the entire world and something deeply personal but i said it in this in the cardano summit back in september cardano is now becoming significantly more defined by the things you do the community rather than what i did as one of the founders of it it's moved beyond the founders and we're putting that exclamation point on the project next year it will become so incredibly diverse and nuanced that i'll be a footnote and that's a dream to be one to fade into the back yeah great companies great projects great protocols you start to forget your founders you start to forget the history if you walk along the street side and you interview a person at random say do you use the internet the vast majority of people would say yes and you asked them who created the internet think for a bit some people say bill gates and some people say bezos steve jobs i don't know zuckerberg some people say oh it's tim berners-lee and every now and then somebody say well it was vince cerf and bob khan were the first guys to do the networking side and that was arpanet and he said hang on who are you oh i'm a professor of networking at this university okay not many people actually know right and the further away you get from the foundation of something the more is forgotten who were the first settlers in the state of massachusetts what about the state of wyoming what about the state of montana do you remember who the first governor of colorado territory was well some people do talk to the coloradans most forget about it who was the ninth vice president of the united states see how easy it is no matter how connected and dialed in you are and pick your own country as their example how much history is lost and forgotten we're a young country united states look at the history of england holy hell throw a stone you'll hit a skeleton or a closet with skeletons so it's going to be an interesting year and it's one that you're going to define and i can't wait to see it thus i make an announcement and the announcement is that i bought this office building that i'm in and i do this ama and i have a lot of fun with this ama and i've gradually been upgrading the equipment i have this sure mic and this nice gator arm and of course logan the lobster is on it always will be getting a better camera logitech brio is great but come on we can do better i am going to refurbish one of the downstairs suites and turn it into a beautiful studio kind of the joe rogan podcast has their nice studio better cameras better audio equipment more professional production and instead of being just a solo thing where i opine and occasionally answer your questions we're going to structure it a little bit better so you guys saw some pilots that we did this year the people of iog where i interviewed our employees people we work with we contract with and we have great conversation like with michaela and with denal and dan friedman it'd be a lot of fun to actually bring in more people from iog and also people from the community and other interesting people that we work with from time to time like stephen wolfram and so forth so all these cardonal projects as they grow and evolve once we have that studio constructed we can bring them on in you guys can come on in and we'll do a nice little interview and a nice little podcast we'll also have a far more structured way for people to ask questions and we'll try to make it more collaborative it'd be a lot of fun for example to set up a stack exchange or something like that so if you have an ama question you just ask it there there's a history of these things and if i answer them put a link to the answer there the community can opine and add in as well so i'm going to invest a little bit into that because we're really at that point where it's about time to have a broader dialogue the other thing is that i'm deeply frustrated by the lack of social media presence we have it and we don't have it it's very fragmented so as i mentioned we're hiring seven marketers majority of which will be connected to the social media side to help propagate why cardano is so amazing from the science to the engineering to the use and utility to the community that's behind each of those domains there's a story there that's magical and incredible and i'm getting real [ __ ] tired of it being told by podcasters youtubers vc people and our competitors it needs to be told with a fact-based evidence-based conversation right from the source so people can see with their own eyes the truth and that's a priority it's something that's going to get done we're doing a great job writing the code it's so amazing people say just a wallet nothing's been accomplished we're number one for [ __ ] github commits and they say well those don't count okay well then tell me what does if you're such an expert that you're going to opine on the quality of our comments then tell us which ones are wrong and which ones don't mean anything and tell us what parts of the road map we're failing at dramatically so every step of the way it's like dumb and dumber with the most annoying noise in the world just screeching into our ears of these critics and for the most part we ignore them but it does cause harm to the project and adoption the project it's hard sometimes when you deal with clients or you deal with people and they have radically different notions of what you actually have accomplished oh well we can't build on cardona it doesn't support this well it does oh yeah but i can't issue an asset well there's two million issued really so that's a problem and it has to be addressed head on you don't complain about it you just solve the [ __ ] problem and so i can do my part and you guys are gonna do your part nothing will change the narrative and dialogue more than success and nothing will demonstrate success more than having dozens of very nice well-constructed audited and certified dapps running on cardano smoothly with a great user experience we have a foundation then to build from and that's coming not abstractly but it's being built today right now right here by those 127 projects and quarter one quarter two as they roll out in quarter three as they roll out they'll demonstrate that okay but we still need to propagate it so we need to really upgrade our game in terms of how we communicate how we broadcast and our ability to create virality in the things that we do the other thing is we have to communicate the philosophy it is expensive to do the things the way we've done but worth it and we need to make it clear that people understand what they were paying for in terms of time and effort why does certification matter and yes it's absolutely true that there are adapts in the ethereum ecosystem that gets certified absolutely true but you can't with a straight face tell me that that's the status quo if 10.